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IRS Form 8938: How to Fill it with the Best Form Filler

Audrey Goodwin

2024-04-18 11:56:27 • Filed to: Other IRS Forms • Proven solutions

The IRS Form 8938 is a PDF form which can be filled electronically using a PDF application. Even though there are not many programs available but the recommended tool to fill up your form is PDFelement. If you want the fastest and most effective way to fill up any PDF form you can surely use it.

Your Best Solution to Fill out IRS Form 8938

The purpose of IRS Form 8938 is to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which your interest is more than the appropriate reporting threshold. This form can be easily filled using Wondershare PDFelement - PDF Editor.

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In addition to PDFelement form filling allows you to alter the text, apply watermark to a PDF document. PDFelement can also help you to create, separate and, merge PDF documents quick and trouble-free.

It is swift, straightforward and uncomplicated and can be used by anyone who wants to fill up a PDF form. It rates high among its users and certainly the finest solution to fill your IRS Form 8938 without any complications.

Instructions for How to Complete IRS Form 8938

Step 1: Download the IRS Form 8938 from the official website of the internal revenue service.

Step 2: Open it on PDFelement and start by writing the name and Taxpayer Identification Number (TIN) on the top of the page.

Step 3: Start filling Part I: On line 1, write the number of your foreign Deposit Accounts. On line 2, enter the maximum value of all deposit accounts. For line 3, number of custodial accounts and on line 4, enter the maximum value of the custodial accounts. Select the appropriate option for line 5. Start filling Part II. On line 1, enter the maximum number of foreign assets. Enter the maximum value of all assets on line 2. On line 3, you must select the appropriate option as yes or no. Start filling Part III. This part consists of a large table to summarize foreign assets and their value during the given period, this part is easy to fill up if you have all the necessary information. Follow the instructions and fill up the table and then proceed to Part IV.

Step 4: On Part V, you have to select the forms where you have reported foreign assets and you do not have to include these assets on Form 8938. Now, start filling Part V. On part V, you have to mention detailed information about each foreign deposit and custodial account included in the Part I. It can be done easily by following the instructions. On line 1, you have to select the type of your account. For line 2, the account number must be entered. Enter the maximum value of account during tax year on line 4. Select the appropriate option on line 5. To complete line 6, fill up all the information required about the currency if you have selected yes on line 5. On line 7, enter the name of financial institution in which account is maintained and other details. Enter the mailing address of financial institution on line 8. On line 9, mention the city or town, state or province, and country of the financial institution.

Step 5: Start filling Part VI. It provides detailed information for each other foreign asset. On line 1, enter the description of the asset. For line 2, enter the identifying number or other designation. Select the appropriate choice on line 3. For line 4, enter the maximum value of those assets during the tax year. On line 5, select the best option that applies to you. Complete the table with correct details about other foreign assets on line 6. If your asset has been reported on line 1 is stock of a foreign entity or an interest in a foreign entity, enter the information on the subsections of line 7.

On line 7a, mention the name of the foreign entity. On line 7b, select the appropriate choice to mention the type of the foreign entity. For line 7c and 7d, enter the address details of the foreign entity. If the asset reported on line 1 is not stock of a foreign entity or an interest in a foreign entity, then fill up all the sub-questions on line 8. On line 8a, write the name of the issuer. For 8b, select the type of issuer that applies to you. Select the option to ensure whether the issuer is a US citizen or a foreign national on line 8c. On line 8d and 8e, enter the mailing address and related details. Part V and Part VI has been continued to the next page in case the number of your foreign assets is more. If you follow the instructions given then you can easily fill up the IRS Form 8934.

Tips and Warnings for IRS Form 8938

If there is no exception, everyone must file Form 8938. If you are a specified individual who has an interest in particular foreign financial assets and the worth of those assets is more than the appropriate reporting threshold.
To fill up the IRS form 8938, your presence abroad is justified if you are a U.S. citizen who has been a bona fide resident of an overseas country or countries for a continuous period that includes an entire tax period.
Remember to download the form from the official website, because many third party websites offer such forms which are either old of corrupted. There are changes made in IRS forms almost every year, make sure you downloaded the file for the current year.
It is recommended to fill up the form electronically rather than writing on it manually. You can use PDFelement to assist you in filling up the form effectively.